SB 250: Enact the Promised Land Act

The bill authorizes a nonrefundable, transferable tax credit for charitable organizations that construct owner-occupied housing. Eligible nonprofits can apply for a credit after one or more units of the housing are sold to an owner-occupant for use as their primary residence. The credit equals ten percent of the total cost to construct the housing, including land acquisition costs. Eligible nonprofits must include information such as the number of housing units sold, acreage of the land, and construction costs with their application. The director reviews and processes applications in the order they are received. A tax credit certificate is issued to the applicant, which can be claimed by the nonprofit or transferred to another person. The total amount of tax credits issued each year cannot exceed $25 million. The bill also requires the director to submit a report to the governor and leg…